IIP Secures $100M Credit Facility for Enhanced Financial Flexibility
Fidelity Investments, Inc. (FID) has secured a new $100 million revolving credit facility with a commercial bank. This move enhances the investment firm's financial flexibility and provides an attractive investment spread.
FID, specialising in acquiring, owning, and managing specialized industrial properties and life science real estate, has agreed to this facility with an unspecified bank. The facility comes with a $35 million 'accordion feature', allowing FID to expand its borrowing capacity up to $135 million, contingent on additional lenders.
The facility, secured by FID's IQHQ investment, has an initial term of 3 years. Borrowings will incur interest at the one-month Secured Overnight Financing Rate (SOFR) plus a 200 basis points spread. Alan Gold, Executive Chairman of FID, noted that this facility offers an attractive spread exceeding 800 basis points on its IQHQ investment.
Fidelity Investments, Inc. has successfully secured a $100 million revolving credit facility, providing the company with enhanced financial flexibility and a substantial investment spread. The facility, secured by FID's IQHQ investment, offers an attractive interest rate and the potential to increase borrowing capacity.
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